Massachusetts Man Sentenced to 51 Months in Prison for Fraud
CONCORD, NH—Luis Pavao, 60, a citizen of Portugal and most recently a resident of Ayer, Massachusetts, has been sentenced in United States District Court for the District of New Hampshire to 51 months in prison after a jury found him guilty in an investment fraud scheme that involved the use of the mails and interstate travel, announced United States Attorney John P. Kacavas.
Pavao secured the trust of three couples who live in New Hampshire by pretending to be a licensed stockbroker. He then duped the victims into giving him more than $32,000 by falsely promising to invest their money in the stock market. While assuring the victims that their respective investments were earning substantial profits, Pavao used their money for his personal benefit.
The case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant United States Attorney Robert Kinsella.